How to Create a Competitive Organization, Leveraging Strategic Capabilities in Malaysia

Abstract

Though to stay competitive is important for an organization's survival, today's organizations need to deal with various challenges. For example, organizations need to deal with the future uncertainty; need to know when to embrace change; need to recruit the right talent; need to keep abreast with the rapidly changing technology; need to remain ethical in doing business; and need to deal with increasing competition in the market. Thus, good strategies are needed if they want to stay competitive. Organizations must be able to know the competition and be different; update the organization's image; look after the existing customers; target new markets; be the best employers; be able to foresee the future; exemplify and position strengths from weaknesses; take into consideration the local context; use data and analytics to support strategies; prioritize creativity and innovation; utilize the data; remain relevant; and explore partnership opportunities. As for Malaysia, various strategies have been developed to support organization sustainability. These include transforming the school system in order to produce high-skilled and semi-skilled workers; strengthen Technical Vocational Education and Training (TVET) and Science, Technology, Engineering, and Mathematics (STEM) education activities; digitalize Malaysian employment landscape; and create good networking and collaboration with other countries. Malaysia also introduces various initiatives to support business sustainability such as awarding Sustainable Business Awards Malaysia to any Malaysian company that has shown a balance between making profit and acting sustainably; come out with competitive fiscal and monetary policy; and strengthen the human capital development.

Citation

Othman, S.Z., Wan Mohd Noor, W.S. and Mohd Isa, M.F. (2021), "How to Create a Competitive Organization, Leveraging Strategic Capabilities in Malaysia", Sergi, B.S. and Jaaffar, A.R. (Ed.) Modeling Economic Growth in Contemporary Malaysia (Entrepreneurship and Global Economic Growth), Emerald Publishing Limited, Leeds, pp. 135-150. https://doi.org/10.1108/978-1-80043-806-420211012